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A new legal tool to create a solid foundation for long term mission alignment and value creation. It protects mission through capital raises and leadership changes, creates more flexibility when evaluating potential sale and liquidity options, and prepares businesses to lead a mission-driven life post-IPO.
SELC cultivates a new legal landscape that supports community resilience and grassroots economic empowerment. They provide essential legal tools so communities everywhere can develop their own sustainable sources of food, housing, energy, jobs, and other vital aspects of a thriving community.
Corporate Practice Series Portfolio No. 92, Benefit Corporations, discusses the benefit corporation, which is the most comprehensive, yet flexible legal entity devised to address the needs of entrepreneurs and investors, and ultimately, the general public.
This practice note discusses Massachusetts state law concerning benefit corporations (BCs) including the formation, operation, and termination of BCs in Massachusetts. BCs are a specific type of corporation that allow for public benefit to be a charter purpose in addition to any corporate goal (such as maximizing profit for shareholders). If properly formed and operated, the BC shields its shareholders from liability for most of the debts, liabilities, and obligations of the BC.